Forexlive Americas FX news wrap 8 May:UK in the news. BOE cuts. UK makes trade deal w/ US ...Middle East

Major US indices close higher for the second consecutive dayVP Vance:US would walk away from Russia/Ukraine talks if Russia not engaging in good faithWhite House weighing plan to slash China tariffs to as low as 50% - reportWhite House Navarro: To the EU, retaliation is a mistakeCrude oil futures settle at $59.91Chicago-born Cardinal Robert Prevost elected as new PopeUS treasury auctions off $25B of 30 year bonds at a high yield at 4.819%Bitcoin hits $100K. Some background emerges on Trump's touting of XRPTrump says template for 10% tariffs is 'probably the lowest'Trump asked if China tariffs could be lowered: Says they could beUK says steel and aluminum tariffs reduced to zeroNY Fed 1-year inflation expectations tick higherTrump: Reached breakthrough deal with UKUS March wholesale inventories +0.4% vs +0.5% expectedUS initial jobless claims 228K versus 230K estimateUS Q1 unit labor costs prelim +5.7% vs +5.1% expectedRussia and China intend to ramp up cooperation to decisively counter US containmentForexLive European FX news wrap: US-UK trade deal looms, BOE vote split raises eyebrowsThe BOE cuts by 25 basis points but it is a mixed decision. USDJPY higher. EURUSD lower.EU announces list of potential countermeasures against US tariffs if trade talks go southThe EU is considering imposing tariffs on €95bn of US imports

Despite the rate cut, the BOE’s guidance remained unchanged, emphasizing a “gradual and careful” approach to easing—repeating the tone from March.

According to Trump, he and PM Starmer reached an agreement that will increase access for U.S. beef and ethanol, while also committing to reduce non-tariff barriers. As part of the deal, the UK will fast-track U.S. goods through customs, allowing for quicker movement in both directions.

As Josh Brown on CNBC said sarcastically, "The US reached an agreement with its strongest ally for the last 200 plus years. Amazing news.".

Stocks were supported with gains now over the last 2 trading days after declines on the first 2 days of the week. For the day and the week (with one day to go):

Dow rose 0.62%, and holding to a 0.12 gain for the weekS&P rose 0.58%, but is still down -0.40% for the weekNasdaq rose 1.07% but is down -0.28% for the week.

The USD move up vs the major currencies. A snapshot of the greenbacks gains vs the currencies showed the strongest gain vs the JPY (+1.45%) and the smallest gain vs the AUD (+0.34). The EUR fell -0.54% vs the USD and the GBP in volatile up and down trading on all the headline news, fell -0.37%. The CHF rose 1.01% vs the USD.

2 year yield 3.880%, +8.7 basis points5 year yield 3.986%, +11.4 basis points10 year yield 4.380%, +10.5 basis points30 year yield 4.846%, +7.5 basis points

The US auctioned off $25B of 30 year bonds but was met with tepid demand (0.7 basis point tail and lower than average Bid to cover).

In other markets:

Crude oil rose $2.17 or 3.74% to $60.24Gold fell $60 or -1.79% to $3304.98Bitcoin rose $5558 or 5.73% to $102,608 This article was written by Greg Michalowski at www.forexlive.com.

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